"Life delivered a yet another unexpected challenge – I received an invitation to join an international organization where I will have to spend part of my time in Europe and in the US. The field of operations is economy of world countries, finances, forecast and simulation," said the Social Democratic politician.

In a comment of his plans to BNS, the politician said he had been invited to become a member of a board that is being established to evaluate recommendations by international ratings agencies for countries. The board is scheduled to hold its first meeting in late March, therefore, the Social Democrat is giving up his mandate from April.

"I am giving up by mandate of member of the European Parliament. This will probably happen in April, as the first board meeting is planned for March 29. I want to remain a member of the European Parliament until I start getting paid, however, I will resign my mandate immediately after signing the contract," Balčytis said.

"The institution will be an umbrella institution, it will work with evaluating of ratings by various international rating agencies, probably those of the International Monetary Fund, including forecasts, proposals and what they should or should not do. As they are virtually private organizations, they should be monitored from above. As a certain expert body, the institution will serve as a certain board and will have to approve all the proposals in connection to member-states, all the assessments about their development perspectives and ratings. It should include nine members, and I was offered to become one of them," the Lithuanian politician said about his future plans.

In his words, the board will hold monthly meetings in New York, and Balcytis intends to have bureaus in Brussels and Vilnius.

Under the Social Democratic Party's list, Balčytis' slot in the European Parliament should be filled by Gediminas Kirkilas, the incumbent parliamentary vice-speaker, while the latter should be replaced by Bronius Bradauskas.

Balčytis also announced his plans to leave the race for chairman of the Lithuanian Social Democratic Party.